2015 ORS 100.740¹
Notice to purchaser of cancellation rights
  • form

(1) Subject to ORS 100.730 (Cancellation of sale of unit) (8), a unit sales agreement shall contain, either upon the first page or upon a separate sheet attached to such first page, the following notice in at least 12-point type that is all capitals or boldface:

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BY SIGNING A UNIT SALES AGREEMENT YOU ARE INCURRING A CONTRACTUAL OBLIGATION TO PURCHASE AN INTEREST IN A CONDOMINIUM. HOWEVER, YOU HAVE THE RIGHT TO CANCEL THIS AGREEMENT FOR ANY REASON FOR FIVE BUSINESS DAYS (EXCLUDING SATURDAYS AND HOLIDAYS) AFTER WHICHEVER OF THE FOLLOWING IS LAST TO OCCUR:

(1) SIGNING BY THE PURCHASER OF THE UNIT SALES AGREEMENT;

(2) SIGNING BY THE PURCHASER OF THE RECEIPT FOR THE DISCLOSURE STATEMENT, IF ANY; OR

(3) SIGNING BY THE PURCHASER OF THE RECEIPT FOR A COPY OF THE CONDOMINIUM DECLARATION AND BYLAWS AND ANY AMENDMENTS OR SUPPLEMENTS THERETO AFFECTING THE UNIT.

TO CANCEL THIS AGREEMENT, YOU MUST GIVE WRITTEN NOTICE TO THE DEVELOPER OR THE AGENT OF THE DEVELOPER AT THE FOLLOWING ADDRESS:

__________________

__________________

__________________

__________________

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BEFORE EXECUTING THIS AGREEMENT, OR BEFORE THE CANCELLATION PERIOD ENDS, YOU SHOULD DO THE FOLLOWING:

(1) CAREFULLY EXAMINE THE DISCLOSURE STATEMENT, IF ANY, ISSUED BY THE REAL ESTATE COMMISSIONER ON THE CONDOMINIUM AND ALL ACCOMPANYING INFORMATION DELIVERED BY THE DEVELOPER. OREGON LAW REQUIRES THE DEVELOPER TO DELIVER TO YOU A COPY OF THE DECLARATION AND BYLAWS OF THE CONDOMINIUM AND ANY SUPPLEMENTS AND AMENDMENTS THERETO AFFECTING THE UNIT PRIOR TO THE TIME THE UNIT SALES AGREEMENT IS FULLY EXECUTED BY ALL PARTIES. A COPY OF THE DECLARATION AND BYLAWS, AND ANY SUPPLEMENTS AND AMENDMENTS THERETO, ARE AVAILABLE FROM THE ASSOCIATION FOR EXAMINATION AND DUPLICATION, AT A REASONABLE FEE, UPON YOUR WRITTEN REQUEST.

(2) INQUIRE OF YOUR LENDER WHETHER YOU CAN GET ADEQUATE FINANCING ON AN ACCEPTABLE BASIS.

(3) INQUIRE OF THE DEVELOPER AND THE LENDER WHAT THE AMOUNT OF THE CLOSING COSTS WILL BE.

OREGON LAW REQUIRES THAT YOU IMMEDIATELY BE GIVEN A COPY OF THIS NOTICE AND A COPY OF THE UNIT SALES AGREEMENT WHEN IT HAS BEEN FULLY EXECUTED BY ALL PARTIES.

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(2) Except as provided in ORS 100.665 (Exemption to certain disclosure and notice requirements), a copy of the notice set forth in subsection (1) of this section shall be given to each purchaser at the time of or immediately following the purchaser’s signing of the unit sales agreement, for the use of the purchaser. [Formerly 94.424; 2001 c.756 §55; 2003 c.569 §41]

(formerly 94.004 to 94.480)

See also annota­tions under ORS 91.505 to 91.675 in permanent edi­tion.

Notes of Decisions

Even if declara­tions filed for purpose of bringing develop­ment within condominium law were defective for failure to conform to statutory require­ments, develop­ment was not vitiated but deficiencies would constitute mis­take in transac­tion thus making instru­ment eligible for reforma­tion in equity. Dickey v. Barnes, Mossberg, 268 Or 226, 519 P2d 1252 (1974)

Developers of planned unit develop­ments which are not organized as condominiums cannot claim the tax advantages of the Unit Ownership Law. Brooks Resources v. Dept. of Rev., 276 Or 1177, 558 P2d 312 (1976)

Purchasers of condominium units are automatically members of the unit owners associa­tion and subject to its declara­tion and bylaws; where those declara­tions and bylaws provide discre­tion to the Board of Directors to assess for fees necessary to create a "unified plan for the develop­ment and opera­tion" of the condominium, and the purchaser has alleged no abuse of discre­tion, the judg­ment of the Board of Directors is upheld. Assn. of Unit Owners of the Inn of the Seventh Mountain v. Gruenfeld, 277 Or 259, 560 P2d 641 (1977)

Acquisi­tion of prop­erty by condominium associa­tion is not limited to prop­erty subject to annexa­tion require­ments. Gier's Liquor v. Associa­tion of Unit Owners, 124 Or App 365, 862 P2d 560 (1993)

Law Review Cita­tions

16 WLR 253 (1979)

Chapter 100

Notes of Decisions

This chapter does not authorize regula­tion by the Real Estate Division of sales of "right to use" time share interests in condominiums. Royal Aloha Partners v. Real Estate Division, 59 Or App 564, 651 P2d 1350 (1982)

Law Review Cita­tions

18 WLR 95 (1982)


1 Legislative Counsel Committee, CHAPTER 100—Condominiums, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors100.­html (2015) (last ac­cessed Jul. 16, 2016).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2015, Chapter 100, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano100.­html (2015) (last ac­cessed Jul. 16, 2016).
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.